Assisted Living & Memory Care Facilities

[Matthew Hogan]

New to the community and sourcing CRE opportunities throughout healthcare. A few questions pertaining to the cap table, offering memorandum and subscription agreements:

For financial buyers, what are typical LP terms for ALF/ MC facility acquisitions (non-residential)?  

What are the typical LP terms for new facility construction/ development? 

For lower cap rate markets, are there any typical arbitrage strategies when buying the CRE with the business assets? It seems like maintaining a strong census is too static and not enough to provide returns that compete with acquiring the business assets alone.

Anything else to consider around the typical LP Terms: right of first refusals, step-ups, distributions upon sale, manager participation's: Investor IRR and Vesting Schedules, Board's, Operating Agreements between entities.